Answers Quiz Chapter 4

Answers Quiz Chapter 4 - Name _ ACG 301 Quiz Chapter 4 Fall...

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Name ______________________________________ ACG 301 Quiz Chapter 4 Fall 2011 Instructions: Select the most correct answer. Show your work where appropriate. 1. Information in the income statement helps users to A) evaluate the past performance of the enterprise. B) provide a basis for predicting future performance. C) help assess the risk or uncertainty of achieving future cash flows. D) all of these. 2. The single-step income statement emphasizes A) the gross profit figure. B) total revenues and total expenses. C) extraordinary items and accounting changes more than these are emphasized in the multiple-step income statement. D) the various components of income from continuing operations. 3. Under which of the following conditions would material flood damage be considered an extraordinary item for financial reporting purposes? A) Only if floods in the geographical area are unusual in nature and occur infrequently. B) Only if the flood damage is material in amount and could have been reduced by prudent management. C)
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Answers Quiz Chapter 4 - Name _ ACG 301 Quiz Chapter 4 Fall...

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